Arkansas Substitute of Trustee for Deed of Trust
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Substitute of Trustee for Deed of Trust for Real Estate Located in Arkansas
There are many reasons why a Substitute Trustee is needed, some include: original trustee is no longer available or can't act, the lender wants to change the trustee, property needs to foreclosed on and a different trustee is required, etc. This form is used by the current beneficiary/lender to appoint a new trustee for a Deed of Trust.
Arkansas Statutes State:
(b)(1) The beneficiary may appoint a successor trustee at any time by filing a substitution of trustee for record with the recorder of the county in which the trust property is situated.
(2) The new trustee shall succeed to all the power, duties, authority, and title of the original trustee and any previous successor trustee.
(3) The beneficiary may, by express provision in the substitution of a trustee, ratify and confirm actions taken on its behalf by the new trustee prior to the recording of the substitution of the trustee. Ark Statute 18-50-102(b)
(c) The substitution shall identify the deed of trust by stating the names of the original parties thereto, the date of recordation, and the book and page where recorded or the recorder's document number. The substitution shall also state the name of the new trustee and shall be executed and duly acknowledged by all the beneficiaries or their successors in interest.
Ark Statute 18-50-102(c) - Qualifications of trustee -- Appointment of successor trustee.
(Arkansas Substitution of Trustee Package includes form, guidelines, and completed example) For use in Arkansas only.